Investment Rating - The report maintains a "Positive" investment rating for the healthcare industry [10] Core Insights - The report highlights the increasing clinical interest in selectively delivering cytokines to tumor sites to extend their half-life and reduce systemic toxicity, with a focus on immune cytokines such as IL-2, IL-12, and IL-15 [2][6][24] - Domestic pharmaceutical companies are proactively positioning themselves in the immune cytokine therapy space, with notable advancements from companies like Innovent Biologics, Ascentage Pharma, and Junshi Biosciences [7][51][60] - The macroeconomic environment is shifting, with expectations for significant growth in the pharmaceutical sector by 2025, driven by innovation and domestic demand recovery [8][66] Summary by Sections Immune Cytokines and Their Development - Immune cytokines are emerging as a promising treatment strategy in tumor immunotherapy, enhancing the immune response against cancer cells [6][18] - The report discusses the engineering of immune cytokines to improve their therapeutic efficacy while minimizing side effects, with a focus on IL-2, IL-12, and IL-15 [20][24] Domestic Company Strategies - Innovent Biologics has reported promising clinical data for its PD-1/IL-2α-bias fusion protein IBI363, showing significant efficacy in melanoma and colorectal cancer [7][48] - Ascentage Pharma's SmartKine® platform is highlighted for its potential in developing selective immune therapies, with two IL-15 products entering clinical trials [51][58] - Junshi Biosciences has received clinical approval for its PD-1/IL-2 fusion protein, indicating a strong pipeline in immune-oncology [60][66] Market Outlook - The report anticipates a robust market for innovative drugs, particularly those that can leverage international opportunities and domestic policy support [8][66] - The recovery of domestic demand and the introduction of new healthcare policies are expected to drive growth in the medical device sector, particularly in areas like electrophysiology and orthopedics [66]

2024 年年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完 整，没有虚假记载，误导性陈述或重大遗漏。 证券代码：002755 证券简称：奥赛康 公告编号：2025-035 北京奥赛康药业股份有限公司 特别提示 1、本次股东大会无增加、变更、否决提案的情况； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开情况 1、股东大会届次：2024 年年度股东大会。 2、股东大会的召集人：公司董事会。 3、会议召开的合法、合规性：本次股东大会的召集、召开符合《公司法》、 《上市公司股东会规则》等有关法律法规、部门规章、规范性文件和《公司章程》 的规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 5 月 29 日（星期四）14:00 （2）网络投票时间：2025 年 5 月 29 日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025 年 5 月 29 日 9:15－9:25，9:30－11:30，13:00－15:00；通过深圳证券交易所互联网投 票系统投票的具体时间为 2025 年 5 月 29 日 9:15－15:00 期间的任意时间 ...

国浩律师（南京）事务所 法律意见书 国浩律师（南京）事务所 关于北京奥赛康药业股份有限公司 2024 年年度股东大会的 法律意见书 中国江苏省南京市汉中门大街 309 号 B 座 5、7-8 层 邮编：210036 5、7-8/F, Block B, 309 Hanzhongmen Dajie, Nanjing, China, 210036 电话/Tel: +86 25 8966 0900 传真/Fax: +86 2589660966 网址/Website: http://www.grandall.com.cn 2025 年 5 月 国浩律师（南京）事务所 法律意见书 国浩律师（南京）事务所 （一）本次股东大会的召集 公司董事会于 2025 年 4 月 25 日召开公司第七届董事会第二次会议，决定于 2025 年 5 月 29 日（星期四）14：00 召开公司 2024 年年度股东大会。2025 年 4 月 28 日，董事会在指定媒体及网站上发布了《北京奥赛康药业股份有限公司第七届 董事会第二次会议决议公告》《北京奥赛康药业股份有限公司关于召开 2024 年年 度股东大会的通知》（以下简称"会议通知"）。会议 ...

Core Insights - The company achieved operating revenue of 1.778 billion yuan in 2024, representing a year-on-year growth of 23.15%, and a net profit attributable to shareholders of 160 million yuan, marking a turnaround from losses [1] - In Q1 2025, the operating revenue reached 509 million yuan, with a year-on-year increase of 13.39%, and a net profit attributable to shareholders of 55 million yuan, up 73.50% year-on-year [1] - The growth in revenue is driven by the expansion of anti-infection and chronic disease products, with the generics business showing positive growth [1] Revenue Breakdown - The anti-infection and chronic disease segments generated revenues of 494 million yuan and 323 million yuan in 2024, with year-on-year growth rates of 74.94% and 57.65% respectively [1] - The oncology and digestive segments faced pressure from centralized procurement, with revenues of 631 million yuan and 270 million yuan in 2024, showing year-on-year changes of 2.31% and -9.74% respectively [1] Profitability and R&D - The company's gross margin improved to 81.34% in 2024, an increase of 0.53 percentage points year-on-year, while the net profit margin turned positive at 7.23% [1] - R&D expenses were significantly reduced, primarily due to the capitalization of expenses related to the ASKB589 project, which entered Phase 3 clinical trials in early 2024 [1] Product Development and Commercialization - The company successfully advanced the commercialization of Liratinib, which received approvals for two indications in 2025, targeting specific types of non-small cell lung cancer (NSCLC) [2] - A collaboration with Innovent Biologics was established to accelerate the reach of Liratinib to more patients [2] Innovation Pipeline - The company is focused on source innovation with multiple early-stage research pipelines, including ASKB589, ASKG712, and ASKG915, which are under various stages of clinical trials [3] - ASKB589 targets CLDN18.2 and is in Phase 3 clinical trials for gastric cancer, showing promising early results [3] - ASKG712 is in Phase 2a clinical trials for neovascular age-related macular degeneration (nAMD), while ASKG915 is in Phase 1 clinical trials [3] Investment Outlook - The company is positioned as a leading player in the digestive field and is actively seeking to expand its drug matrix and strengthen its R&D capabilities [4] - The company is expected to achieve net profits of 184 million yuan, 229 million yuan, and 287 million yuan from 2025 to 2027, with corresponding forecasted P/E ratios of 89, 72, and 57 times [4]

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The pharmaceutical sector has shown resilience with a weekly increase of 1.27%, outperforming the CSI 300 index by 0.16 percentage points, ranking 11th among 31 sectors [7][26]. - The report highlights the potential recovery of the industry due to favorable policies and the gradual rebound of the hospital market, which was previously impacted by anti-corruption measures and centralized procurement [4][26]. - The focus on innovative therapies is expected to drive significant growth, with an emphasis on domestic BIC/FIC innovative drugs showing steady improvement in both quantity and quality [4][26]. Summary by Sections 1. Pharmaceutical Sector Performance - The pharmaceutical sector's weekly performance was +1.27%, with sub-sectors such as Traditional Chinese Medicine II (+1.73%), Medical Services (+1.45%), and Chemical Pharmaceuticals (+1.44%) showing notable gains [7][26]. 2. Key Company Ratings - Companies such as Aosaikang (002755.SZ) and Cloudtop New Medicine (01952.HK) received "Buy" ratings, while Renfu Pharmaceutical (600079.SH) and Dize Pharmaceutical (688192.SH) were rated as "Hold" [1][4]. 3. Notable Industry News - BeiGene initiated a head-to-head Phase III clinical trial for BGB-16673, a targeted BTK PROTAC drug, which has shown promising results in earlier trials [26][27]. - AbbVie received FDA approval for its c-Met targeted ADC drug, marking a significant milestone in the ADC product line [29][30]. 4. Investment Recommendations - The report recommends focusing on high-quality targets within the formulation sector, particularly companies with efficient management and strong product pipelines, such as Aosaikang and Dize Pharmaceutical [4][26].

Investment Rating - The investment rating for the company is "Buy" with a target price of 29.35 CNY per share, based on the current price of 17.21 CNY [5]. Core Insights - The company focuses on four therapeutic areas: digestion, oncology, resistant infections, and chronic diseases. As of September 2024, it has 32 products that have passed consistency evaluation, with 13 products winning national procurement bids. Future growth is expected from innovative products such as cell factor therapies and CLDN18.2 and EGFR targeting drugs [1][14]. - The SmartKine platform, developed by the company, aims to address the poor druggability of cytokine-based therapies through engineering modifications, allowing selective activation of the immune system to target tumor cells while minimizing systemic toxicity [2][31]. - ASKB589 is positioned to be the first domestically marketed CLDN18.2 monoclonal antibody, showing significant tumor response rates in clinical trials. The company has a strong pipeline with over 20 CLDN18.2-targeting drugs in development [3][30]. - The company has successfully launched its innovative drug, Liratinib, for both first-line and second-line treatment of EGFR-mutant NSCLC, marking a significant milestone in its transformation [3][4]. Summary by Sections Strategic Transformation - The company has a strong foundation and is a leader in the digestive drug sector. It has adapted to national procurement policies, optimizing its revenue structure and achieving profitability after two years of losses. In 2024, total revenue reached 1.778 billion CNY, a 23.15% increase, with a net profit of 160.29 million CNY, up 207.92% [14][20]. - The revenue from oncology products grew to 631 million CNY, accounting for 35.51% of total revenue, while the digestive segment's contribution decreased significantly from 67.84% in 2020 to 15.18% in 2024 [24][20]. Innovation and R&D - The company has a robust R&D pipeline with 42 projects, including 9 key innovative drugs. It has maintained leading industry investment levels in R&D, with expenditures of 4.14 billion CNY in 2021, 7.23 billion CNY in 2022, and 5.94 billion CNY in 2023 [28][29]. - The SmartKine platform is a significant innovation, with two lead candidates, ASKG315 and ASKG915, currently in clinical trials, aiming to enhance the safety and efficacy of cytokine therapies [2][31]. Financial Forecast and Market Valuation - The company forecasts revenues of 1.918 billion CNY, 2.169 billion CNY, and 2.935 billion CNY for 2025, 2026, and 2027, respectively, with growth rates of 7.92%, 13.07%, and 35.30% [4][5]. - The estimated net profit for the same years is projected to be 190 million CNY, 289 million CNY, and 530 million CNY, indicating a strong upward trend in profitability [4][5].

Group 1 - The report highlights the core viewpoint that the company, Qii 712 (603712), is a key supplier in military wireless communication, with a focus on independent research and innovation in military communication technology [2] - The company reported a revenue of 216 million yuan in Q1 2025, a decrease of 55.88% year-on-year, and a net profit of -54.02 million yuan, down 440.23% year-on-year [2] - The report anticipates that the company will benefit from the increasing defense spending and the expanding market for military private network wireless communication [2] Group 2 - The report on the pet economy indicates a strong growth momentum, with the fifth TOPS Pet Expo showcasing over 1,200 exhibitors and a 43% increase in visitor numbers compared to the previous year [3] - Exports of pet food from China reached 82,400 tons in the first quarter of 2025, reflecting a year-on-year growth of 19.68% [3] - The report suggests that the pet economy is transitioning from "scale expansion" to "value creation," with leading companies focusing on innovation and brand development [3] Group 3 - The report on Aosaikang (002755) indicates a total revenue of 509 million yuan in Q1 2025, a year-on-year increase of 13.39%, and a net profit of 54.73 million yuan, up 73.50% year-on-year [4] - Aosaikang's SmartKine platform is highlighted as a promising innovation in the field of immunotherapy, aiming to selectively activate the immune system to target tumor cells [4] - The report projects significant revenue growth for Aosaikang, with expected revenues of 1.90 billion, 2.89 billion, and 5.30 billion yuan for 2025, 2026, and 2027 respectively [30] Group 4 - The report on Zhongji Xuchuang (300308) shows a revenue of 6.67 billion yuan in Q1 2025, a year-on-year increase of 37.82%, and a net profit of 1.58 billion yuan, up 56.83% year-on-year [33] - The company is focusing on the development of 800G and 1.6T optical modules, with expectations for increased demand in the second half of 2025 [33] - The report emphasizes the strategic partnership with CarLink to develop vehicle-mounted optical communication modules, aiming to enhance smart vehicle capabilities [33]

Investment Rating - The investment rating for the company is "Buy" with a target price of 29.35 CNY per share, based on a current price of 17.21 CNY [5]. Core Insights - The company, Aosaikang, focuses on four therapeutic areas: digestion, oncology, resistant infections, and chronic diseases. As of September 2024, it has 32 products passing consistency evaluations, with 13 products winning national procurement bids. Future growth is expected from innovative products such as cell factor therapies and CLDN18.2 and EGFR targeting drugs [1][14]. - The SmartKine platform, developed by the company, aims to address the poor druggability of cytokine-based therapies through engineering modifications, allowing selective activation of the immune system to target tumor cells while minimizing systemic toxicity [2][31]. - The clinical progress of ASKB589, a monoclonal antibody targeting CLDN18.2, shows promising results in combination therapies for gastric cancer, with an overall response rate (ORR) of 81.8% and a disease control rate (DCR) of 100% in high-expressing populations [3][30]. - The company has successfully launched its first innovative drug, Liratinib, for EGFR-mutant non-small cell lung cancer (NSCLC), with both first-line and second-line indications approved [3][4]. Summary by Sections Strategic Transformation - Aosaikang has a strong foundation in the pharmaceutical industry, being a leading player in the digestion drug sector. The company has adapted to national procurement policies, optimizing its revenue structure and achieving profitability after two years of losses [14][20]. - The company has accelerated its focus on innovative drug development, with a robust pipeline of 42 projects, including 9 key innovative drugs [28][29]. Financial Forecast and Market Valuation - Revenue projections for 2025-2027 are estimated at 1.918 billion, 2.169 billion, and 2.935 billion CNY, with year-on-year growth rates of 7.92%, 13.07%, and 35.30% respectively. Net profit is expected to reach 190 million, 289 million, and 530 million CNY during the same period [4][5]. - The company’s market valuation is estimated using a discounted cash flow (DCF) method, assuming a weighted average cost of capital (WACC) of 7.47% and a perpetual growth rate of 0.5% [4]. Product Pipeline and Innovation - The company is advancing its innovative drug pipeline, with significant investments in research and development. The SmartKine platform is a key focus, with two innovative molecules, ASKG315 and ASKG915, currently in clinical trials [2][29]. - The company’s diverse product offerings are expected to drive future growth, particularly in oncology and chronic disease treatments, as it continues to expand its market presence [1][28].

证券代码： 002755 证券简称：奥赛康 北京奥赛康药业股份有限公司 投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 □ 分析师会议 | | --- | --- | | 类别 | 媒体采访 业绩说明会 □ √ | | | 路演活动 □ 新闻发布会 □ | | | □ 现场参观 | | | □ 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 2025 年 5 月 9 日 (周五) 下午 15:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、董事长 陈庆财 | | 员姓名 | 2、总经理、董事会秘书 马竞飞 | | | 3、财务总监 韩涛 | | | 4、独立董事 林振兴 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、请问截止到 2025 年 5 月 8 日股东人数是多少？ | | | 回复：尊敬的投资者，您好！公司不掌握 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) with a target price of 22.36 CNY [1]. Core Views - The company has achieved significant revenue growth, with a reported revenue of 1.778 billion CNY in 2024, representing a year-on-year increase of 23.15%. The net profit attributable to the parent company for the same year was 160 million CNY, a substantial increase of 207.92% [9]. - The first innovative product has been approved for market launch, marking 2025 as a year of commercialization for the company. The innovative transformation has been successful, with the drug Lapatinib (a third-generation EGFR inhibitor) approved for treating non-small cell lung cancer [9]. - The company has a promising pipeline with early-stage research products like IL-15 and ASKG712, which are expected to contribute to future growth [9]. Financial Performance Summary - The company's revenue is projected to grow from 1.443 billion CNY in 2023 to 3.217 billion CNY in 2027, with a compound annual growth rate (CAGR) of approximately 29.3% [7]. - The net profit attributable to the parent company is expected to increase from a loss of 149 million CNY in 2023 to a profit of 473 million CNY in 2027, reflecting a significant turnaround [7]. - The gross margin is expected to remain stable around 80.5% to 81.0% over the forecast period, indicating strong pricing power and cost control [7]. Valuation Summary - The absolute valuation of the company suggests a reasonable market value of 20.755 billion CNY, corresponding to a target price of 22.36 CNY per share [11]. - The forecasted price-to-earnings (P/E) ratio is expected to decrease from -110.6 in 2023 to 34.8 in 2027, indicating improving profitability [7]. - The price-to-book (P/B) ratio is projected to decline from 5.7 in 2023 to 4.0 in 2027, reflecting a more attractive valuation as the company becomes profitable [7].